Polyair Inter Pack Inc.

Polyair Inter Pack Inc.

October 16, 2008 15:33 ET

Polyair Inter Pack Inc. Announces Bank Amendment

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2008) - Polyair Inter Pack Inc. ("PPK" or the "Company") (TSX:PPK), a North American producer of protective packaging products, today announced that it has reached agreement with its primary lender on the extension, from October 15, 2008 to October 31, 2008, on both the maturity of a $1.8 million portion of its term loan facility and the deadline for satisfaction of the requirement that the Company raise an additional $5 million of capital. The closing of the first tranche of the previously announced exchangeable secured debenture financing by Polyair Corporation, the Company's principal U.S. operating subsidiary, is anticipated to occur on or before October 31, 2008.

Polyair Inter Pack Inc. (www.polyair.com) manufactures and distributes a wide range of protective packaging products and swimming pool solar covers in North America. The Company operates eight manufacturing facilities, seven of which are in the USA where it generates the majority of its sales.

Certain information included in this news release contains statements that are forward-looking, such as statements relating to anticipated future revenues and profitability of the Company. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Polyair Inter Pack Inc. In addition, Polyair Inter Pack Inc. expressly disclaims any obligation to publicly update or alter its previously issued forward-looking statements.

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